Reps. Matt Gaetz (R-FL) and Alexandria Ocasio-Cortez (D-NY) have launched a bipartisan effort to end a massive source of corruption in Washington D.C.
The two lawmakers have joined forces to introduce a bill to ban “insider trading” in Congress.
The legislation seeks to ban the ownership of financial investments by members of Congress and by their spouses and dependents.
Gaetz and AOC were joined by Reps. Brian Fitzpatrick (R-PA) and Raja Krishnamoorthi (D-IL).
“The fact that Members of the Progressive Caucus, the Freedom Caucus, and the Bipartisan Problem Solvers Caucus, reflecting the entirety of the political spectrum, can find common ground on key issues like this should send a powerful message to America,” Fitzpatrick said.
“We must move forward on issues that unite us, including our firm belief that trust in government must be restored.”
AOC said: “When Members have access to classified information, we should not be trading in the stock market on it.
“It’s really that simple.”
Gaetz said: “Members of Congress are spending their time trading futures instead of securing the futures of our fellow Americans.
“We cannot allow the Swamp to prioritize investing in stocks over investing in our country.
“As long as concerns about insider trading hang over the legislative process, Congress will never regain the trust of the American people.
“Our responsibility in Congress is to serve the people, not hedge bets on the stock market.”
“I am proud to support this important legislation and to help continue to expand the bipartisan coalition in Congress to ban stock ownership and trading by Members of Congress.
“Members of Congress must be focused on their constituents, not their stock portfolios.”
Rep. @MattGaetz joins forces with @AOC to co-sponsor a bill that would ban members of Congress and their spouses, like Nancy and Paul Pelosi, from owning and trading individual stocks. pic.twitter.com/Lwsm4aWKjS
— ALX 🇺🇸 (@alx) May 2, 2023
Emma Lydon, Managing Director of P Street, said:
“Elected officials should represent the interests of their constituents, not their own pocketbooks.
“It’s a scandal that Members of Congress are still allowed to own and trade individual stocks while casting votes that move markets and transform economic sectors.
“The House should take swift action to pass this critical, bipartisan anti-corruption legislation to restore public trust in our democracy.”
Debra Perlin, Policy Director at Citizens for Responsibility and Ethics in Washington (CREW) said:
“When members of Congress own and trade stock in companies they regulate they undermine the democracy that they were elected to serve.
“It is Congress’s duty to rebuild the trust that it has lost by banning members of Congress, their spouses, and their dependent children from owning or trading stocks.
“And that is precisely what the Bipartisan Restoring Faith in Government Act does.
“The Bipartisan Restoring Faith in Government Act’s complete prohibition on Congressional stock ownership demonstrates that in our democracy the public’s needs, rather than members’ stock portfolios, come first.
“CREW commends Rep. Fitzpatrick for his work on this issue and strongly encourages Congress to pass stock ban legislation as quickly as possible.”
READ MORE: Pelosi Has a Long History of Insider Stock Trading